ASEAN +3 financial officials meet in Vientiane

Vientiane (VNA) – Deputy financial ministers and vice governors of central banks from ASEAN member states, and those from the groups’ three partners – China, Japan and the Republic of Korea (RoK), gathered for a meeting in Vientiane, Laos on April 2.

The ASEAN+3 Deputy Finance Ministers and Deputy Central Bank Governors Meeting aimed to discuss measures to further strengthen financial cooperation in the region, regional and global economic prospects in recent times, as well as macro economic development in ASEAN member nations and the bloc’s three partners.

Participants reviewed the outcomes in enhancing the Chiang Mai Multilateralisation Initiative (CMMI), which was devised to provide rapid financial assistance to its member countries, when faced with an urgent balance of payments need.

They debated the possibility of raising the lending limit from 30 to 40 percent within CMMI – when there is no loan programme available from the International Monetary Fund (IMF). They also proposed necessary amendments within the framework of the CMMI agreement.

Issues related to operations of the ASEAN +3 Macroeconomic Research Office (AMRO) were also on the agenda, towards improving the quality of activities and supervision of the office.

Additionally, attendees also discussed the issuance of a medium-term strategic vision for AMRO, while evaluating the Director of AMRO’s management, and proposing an annual budget plan for the office.

The meeting also reviewed the implementation of the Asian Bond Markets Initiative (ABMI), and sought solutions to effectively develop the bond market in Asia, aiming to mobilise capital for investment activities in the region.+ Issues ratified at this meeting will be submitted for approval at the ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting, on the sideline of the Annual Meeting of the Asian Development Bank.-VNA